业绩不及市场预期 金龙鱼股价遭遇重挫

Core Viewpoint - The performance of Jinlongyu (300999.SZ), referred to as "the Moutai of oil," fell short of market expectations, leading to a significant drop in its stock price [1][2]. Financial Performance - In 2020, Jinlongyu achieved operating revenue of 194.92 billion yuan, a year-on-year increase of 14.2%, and a net profit attributable to shareholders of 6.001 billion yuan, up 11% [1][2]. - The company's Q4 revenue was 54.93 billion yuan, a 20.9% increase year-on-year, but net profit dropped to 911 million yuan, a decrease of approximately 52.53% [1][3]. - The average margin used for hedging transactions over recent years was around 1 billion yuan [1][5]. Market Reaction - Following the earnings report, Jinlongyu's stock opened down over 13% on February 23, closing at 99.48 yuan per share, a decline of 9.5%, with a total market value of 539.3 billion yuan, resulting in a single-day loss of 56.6 billion yuan [1][4]. Hedging Impact - The decline in performance was primarily attributed to losses from hedging positions that had not been settled by year-end, affecting the reported earnings [5][6]. - Jinlongyu has historically used financial derivatives for hedging against price fluctuations in raw materials, which include soybeans, wheat, and rice [5][6]. Business Segments - Despite the challenges, Jinlongyu's core kitchen food business maintained strong growth, leveraging brand operations and expanding sales networks [7]. - The company has focused on promoting high-end products and adapting to consumer trends, resulting in increased sales of quality and nutritious products [7]. Asset Position - As of the end of 2020, Jinlongyu's total assets amounted to 179.18 billion yuan, reflecting a 5% increase from the beginning of the year, while equity attributable to shareholders rose by 28.9% to 82.53 billion yuan [7].